Cardano (ADA) Flips Tron (TRX) to Emerge as the Ninth-Largest Cryptocurrency

Cardano (ADA) has flipped Tron (TRX) to emerge as the ninth-largest cryptocurrency with a market capitalization of more than $21.51 billion.

Cardano (ADA) has flipped Tron (TRX) to become the ninth-largest cryptocurrency with a market capitalization of over $21.51 billion.

After a 40% price surge in 24 hours, Cardano has added over $3 billion to its market cap. At press time, ADA trades at a three-month high of $0.617.

Retail traders' fear of missing out (FOMO) has fueled the recent rally, according to on-chain analytics platform Santiment.

In an X post, Santiment called Cardano’s rally a “notable surprise” that was “a long time coming for the patient ADA community.”

Retail traders are cashing in on these gains as trading volumes have surged by over 160% in 24 hours, according to CoinMarketCap.

The retail interest is also evident in the increase in ADA addresses. Over 37,000 unique ADA addresses made transfers as the price rallied, marking the highest in two months, according to Santiment.

In addition to retail interest, whale activity is also surging, with ADA transactions over $100,000 reaching 697 in 24 hours, the highest in two months.

Recent gains come amid strong fundamentals, leading analysts to predict that Cardano is repeating past patterns that could see the altcoin forming another market top.

Is Cardano repeating 2020 patterns?

Cardano seems to be following a similar pattern to its last bull cycle in 2020, according to crypto analyst Dan Gambardello.

Towards the end of 2020, ADA began a historic bull run that saw the token’s price increase by over 4,000% to an all-time high of $3.10 in ten months.

Earlier, analyst Ali Charts predicted a similar price move for ADA, suggesting that the altcoin could be set for an over 2,000% gain to $6.31, marking another ATH.

Following this previous pattern, ADA will reach these new targets by September 2025.

Traders are already anticipating more price volatility and gains in the derivatives market. ADA's open interest (OI) increased by 65% in 24 hours, reaching $546 million at press time, according to Coinglass.

Cardano's OI is at a seven-month high, indicating market positioning by derivatives traders as they bet on future price movements.

A rise in OI, especially during an uptrend, signals bullish sentiment as traders show increasing interest in the altcoin.

If Cardano's open interest continues to rise alongside increasing volumes, it could support a sustained uptrend, propelling ADA to new highs.